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Sub-Prime Mortgages in Canada
If you have been turned down for a mortgage, you have come to the right place! We have great options for those clients who don't qualify for a mortgage at the banks due to bruised credit or insufficient income to meet the banks qualifying ratios.
The banking system today relies very heavily on a clients beacon score (credit bureau score) to determine whether a client credit worthy. The problem with using the beacon score however is that so many different factors can bring down a clients credit score that have little or nothing to do with the clients past repayment history. These types of situations are the most common form of sub-prime mortgages here in Canada; low beacon scores. Our sub-prime mortgage lenders here in Canada don't see these clients as high risk, and are more than willing to approve them for a mortgage assuming the rest of the application is acceptable. The mortgage rates will obviously not be the same as the best mortgage rates you see on our site but they are a great alternative. Let one of our Canadian mortgage brokers explain the differences between our prime and sub-prime mortgage options here in Canada to you.
Another factor in a lot of bank turn downs are the debt service ratios that the banks (and insurers) have determined to be the maximum a client can service based on the clients income. When you work with one of our professional mortgage advisors, we will analyze your situation to see how we can restructure your debts to get your ratios back in line. Simply put, 'we care'.
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